Question

What can I do to invest $20,000 and make money? I saved it from just living in my parents' house and working. I still have a job too so I'm still making money. I'm really young and I wish to become wealthy within 5-10 years while I'm still young. What should I do?

8 months ago 9 Answers

Best Answer

You have made a very good start and have established good habits. Keep it up because you will not be able to live with your parents forever.
Part of becoming wealthy is to make good investments, not spend everything you earn and really research those ways to invest. With only $20k you can't do a lot in real estate but that is where many people have become wealthy.
One of my sons just looked for affordable vacant land and a few years back purchased a couple of lots for about $5k. He sold them when the market was really hot for over $100k. The most money I have ever made has been in real estate but I am still not wealthy nor is my son. You need to read a lot of books to get ideas and then with patience evaluate the ideas and avoid get rich schemes like the plague!
To be wealthy in 5-10 years is not impossible but it only happens to a few people. Put a goal of so much in investments in five years and so on. How long did it take to have the $20k? Can you triple that in five years?

4 years ago

Other Answers

The term stock market, as the name connotes, is a place where you can market or trade a company's stock, which the corporation issues through shares in order to raise capital. Of course, capital is the cost that a company incurs in relation to producing its products and services.
The people who buy these shares are the shareholders, and the term can refer to an individual or an organization.
The term stock market can also apply to all the stocks available for trading (as well as other securities), for example, when used in terms like "the stock market performed well today."
The stock market involves the trading of bonds, which is a debt security that stipulates that the issuer of the bonds holds the holders a debt. It is exactly like a loan, only that it is in the form of a security. These bonds are traded over-the-counter, which means they are traded directly between two parties. Thisis opposed to exchange trading or the trading that occurs on stock exchanges or future exchanges.

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Go to your library and pick up some books on Investing.
The first one I would like to see you read is
Investing for dummies (not for dummies at all - very good yellow book).
That will tell you the basics on everything.
Including a chapter on different brokerage accounts and their fees.
It will also have information on ROTH accounts - read that chapter carefully...

That is not enough to make you rich. That is a couple months pay.
I would not dream of keeping less then in the bank, but if you want to invest it I recommend a few stocks.
You will not get rich off this though, that is not possible.